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Do I need insurance if I live in an apartment? This is a question many apartment dwellers ask and the answer is quite possibly "yes". Most renters don’t realize just how important apartment insurance can be.
Why You Should Buy Apartment Insurance
It is crucial to take precautions to protect yourself and your belongings as a renter. Whether you rent from a homeowner or a landlord, renters insurance is a must. Typically the landlord’s insurance will only cover damage to the building or their own personal property, while individual apartment insurance covers loss of or damage to your personal property and possessions.
In fact, some landlords require renters to purchase apartment insurance before they move in.
Most apartment insurance policies offer the same or similar coverage – in that they will protect you and your belongings in case of accidental damage or natural disaster. Some insurance companies, however, do not offer flood or earthquake coverage, or will offer it for an extra fee.
Because the company isn’t insuring a whole building, apartment renters insurance is relatively inexpensive.
Apartment insurance also covers you and your property in case damage is caused by another tenant. In most cases if the damage renders your apartment unlivable, apartment renters insurance may pay for some or all of your living expenses for the duration of your stay elsewhere.
In case you do lose your apartment, or any or all of your belongings, your coverage depends on what insurance plan you have purchased. Some insurance companies will pay the actual cash value, or the amount equal to the cost of replacement items, minus the deflated value. Most insurance companies will pay replacement cost coverage, however. This coverage pays you the amount it would cost to replace your property. There is a monetary limit to this coverage depending on the premium you paid.
Additional options include purchasing insurance to cover the medical expenses of anyone who might be injured while in your apartment and extra liability insurance.
Usually it is recommended for each roommate to purchase separate renters insurance. If your roommate decides to opt out of purchasing insurance, do not do the same.
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